Word: volckerism
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...other fronts, Strauss says he has persuaded Paul Volcker, former chairman of the Federal Reserve Board, to come to Moscow this spring to advise the Russian government on how to establish a modern banking system. Strauss and his staff also organized an elaborate "investment tour" of Russia, complete with chartered Aeroflot planes, for 14 leading U.S. investment bankers. After a two-day meeting, presided over by Strauss in Moscow, the group split up and fanned out over the country. They are currently visiting such relatively remote spots as Perm and Yekaterinburg in the Urals, Rostov-on-Don in the North...
With Juan Carlos it seems, started a streak of sensational Commencement speakers. America's money man came to Cambridge, three years after America's greatest capitalist did. Federal Reserve Board Chair Paul A. Volcker--considered the second most powerful man in the nation--took office with the aim of achieving low inflation and steady growth for the American economy...
...reduce inflation, he responded by shrinking the money supply. As a result, "Fed bashing" came into vogue, and Volcker became a frequent visitor to Senate committees, testifying about monetary policy. In addition, he shuttled between banking capitals and ultimately helped in the restructuring of the international debt...
...1980s saw Democrats, the party of the people, standing up on the floor of the House of Representatives and lauding former Federal Reserve chair Paul Volcker for smothering inflation by throwing millions of Americans out of work...
Despite these violent disagreements about the future, there is at least some agreement about the past decade. It began in a distinctly gloomy atmosphere known as stagflation: double-digit inflation combined with growth rates of 2% or less. Cigar-chomping Paul Volcker, then the Chairman of the Federal Reserve Board, is generally credited with breaking the inflation by reining in the money supply in 1980-81. That also touched off the worst recession of the postwar era, bringing unemployment rates of more than 10% (25% in some areas and industries). President Reagan helped end the downturn by cutting taxes...